Bravura flags digital advice as potential revenue opportunity
Financial planning software provider Bravura is focused on revenue growth opportunities, having transformed the business “at a fast pace” during FY24.
In a speech at the firm’s annual general meeting on 30 October, chief executive Andrew Russell spoke of his desire for a “back to business strategy” which will cover client focus, margin improvement and employee engagement.
Russell was appointed as CEO in June 2023, the third CEO in three years after the departures of Tony Klim and Libby Roy.
The firm outperformed its previous FY24 guidance, delivering EBITDA of $25.8 million and cash EBITDA of $10 million with revenue of $250.4 million. Adjusted net profit after tax (NPAT) was $8.8 million for FY24.
“There was a material turnaround in the financial performance of the business in FY24. We exceeded our upgraded EBITDA guidance, delivering a full year result of $25.8m and cash EBITDA of $10m. Revenue at $250.4m was in line with guidance.
“We transformed the business at scale and at pace. Having rebuilt the foundations of a quality business, we are now able to explore revenue growth opportunities in the markets we operate in, with both existing and new clients.”
Shares in the Bravura are up by 125 per cent over the past year to 30 October versus returns of 21.8 per cent by the ASX 200.
Looking ahead, he said Bravura will have a “laser focus” on the firm’s activity in EMEA and APAC, improvement in its technology, position to grow with clients and build a high-quality technology business.
This includes a desire to lead the thinking in digital advice as well as in superannuation technology and pensions.
“In FY25 we expect to see a continuation of the improvement in our financial results. FY25 is focused on energising the business so we can build and grow our revenue and client base,” Russell said.
“I am pleased with the progress we are making with energising the business in FY25, to ensure that we are well-positioned to build our revenue pipelines with new client wins, as well growing our programs of work with existing clients.”
It said it remains on target to deliver its FY25 guidance where it forecast EBITDA of $36–40 million and gross revenue of $235–240 million, while it will resume dividends “in due course”.
AUTHOR
Laura Dew
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